A company based in the United Arab Emirates says it will invest up to 4 billion euros ($5.4 billion) to build a business, residential and commercial area in the river zone of the Serbian capital, Belgrade.

Eagle Hills (Emaar) unveiled Friday the Belgrade Waterfront project designed to completely rebuild a run-down area at the heart of the Balkan city of two million people.

Executive Director Mohamed Alabbar, who is also chairman of Dubai’s Emaar Properties, says “we are going to create a regional hub out of Belgrade Waterfront that will be unmatched.”

The project includes a 220-meter tower similar in style to Dubai’s Burj Khalifa skyscraper, as well as a mega shopping mall, flats, offices and leisure zones covering one million square meters.